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NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
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12 Months Ended |
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Dec. 31, 2013
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| NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] |
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| Estimates related to gross-to-net sales adjustments for product |
Below is a table showing gross sales and net sales by quarter for the years ended December 31, 2013 and 2012.
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(in thousands)
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Three months ended
March 31, 2013
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Three months ended
June 30, 2013
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Three months ended
Sept 30, 2013
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Three months ended
Dec 31, 2013
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Twelve months ended
Dec 31, 2013
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Gross sales |
$ 1,255 |
$ 508 |
$ - |
$ - |
$ 1,763 |
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|
Cash discounts |
10 |
36 |
- |
5 |
51 |
|
|
Contract discounts |
83 |
92 |
- |
8 |
183 |
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Net sales |
$ 1,162 |
$ 380 |
$ - |
$ (13) |
$ 1,529 |
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Three months ended
March 31, 2012
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Three months ended
June 30, 2012
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Three months ended
Sept 30, 2012
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Three months ended
Dec 31, 2012
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Twelve months ended
Dec 31, 2012
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Gross sales |
$ 577 |
$ 712 |
$ 877 |
$ 1,048 |
$ 3,214 |
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|
Cash discounts |
5 |
13 |
7 |
9 |
34 |
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|
Contract discounts |
18 |
84 |
89 |
124 |
315 |
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Net sales |
$ 554 |
$ 615 |
$ 781 |
$ 915 |
$ 2,865 |
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| Basic and diluted net income (loss) per share |
Basic and diluted net income (loss) per share were determined as follows:
(in thousands, except share and per share amounts) |
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For the year ended December 31, |
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2013 |
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2012 |
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Net income (loss) |
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$ |
1,551 |
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|
$ |
(12,531 |
) |
Weighted average shares outstanding |
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25,243,160 |
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|
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24,178,768 |
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Basic net income (loss) per common share |
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$ |
0.05 |
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$ |
(0.52 |
) |
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Net income (loss) |
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$ |
1,551 |
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|
$ |
(12,531 |
) |
Weighted average shares outstanding |
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25,243,160 |
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|
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24,178,768 |
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Effect of dilutive options and warrants |
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230,486 |
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|
|
- |
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Weighted average shares outstanding
assuming dilution
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|
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25,473,646 |
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|
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24,178,768 |
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Diluted net income (loss) per common share |
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$ |
0.06 |
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$ |
(0.52 |
) |
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| Antidilutive securities excluded from computation of earnings per share |
We did not include the following securities in the table below in the computation of diluted net income (loss) per common share because the securities were anti-dilutive during the periods presented:
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For the year ended December 31, |
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2013 |
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2012 |
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Warrants |
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31,879,063 |
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35,733,943 |
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Stock options |
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919,200 |
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2,703,284 |
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Preferred stock Series A |
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58,067,234 |
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58,267,234 |
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Preferred stock Series B |
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20,000,000 |
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20,000,000 |
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Total |
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110,865,497 |
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116,704,461 |
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| Stock options assumptions |
During 2013 and 2012, no stock options and 1,235,000 stock options, respectively, were granted under the 2005 Equity Incentive Plan. Assumptions for 2012 are:
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2012 |
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Expected volatility assumption was based upon a combination of historical stock price volatility measured on a weekly basis and is considered a reasonable indicator of expected volatility.
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98%
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Risk-free interest rate assumption is based upon U.S. Treasury bond interest rates appropriate for the term of the our employee stock options.
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0.45%
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Dividend yield assumption is based on our history and expectation of dividend payments.
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None
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Estimated expected term (average of number years) is based on the simplified method as prescribed by SAB 107/110 as we do not have sufficient information to calculate an expected term. |
5.5 years
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| Stock-based compensation allocation |
The following table summarizes stock-based compensation for the years ended December 31, 2013 and 2012 which was allocated as follows (in thousands):
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Year ended
December 31, 2013
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Year ended
December 31, 2012
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Research and development |
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$ |
31 |
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$ |
93 |
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General and administrative |
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408 |
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297 |
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Stock-based compensation expense included in operating expense |
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439 |
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390 |
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Total stock-based compensation expense |
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439 |
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390 |
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Tax benefit |
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- |
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- |
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Stock-based compensation expense, net of tax |
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$ |
439 |
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$ |
390 |
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